Rich and powerful flex their wealth to enhance local downtowns

One of the best things about many bay area cities is the unique and charming downtowns that are often the core of the local community. Often lined with independent, mom and pop shops, some have seen tough times, especially with the growth of big box retailers over the past couple of decades and the more recent economic downturn.

Two of Bay Area’s rich and powerful are opening their wallets in an effort to help preserve and boost their local downtowns. Google co-founder Sergey Brin has bankrolled a real estate investment firm that has purchased commercial properties in his neighboring Los Altos. (Mr. Brin officially lives in neighboring Los Altos Hills, but that community does not have a downtown).

North of the Golden Gate, George Lucas has donated a building in downtown San Anselmo that will make way for a local park.

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Downtown Los Altos, photo courtesy of Casas Real Estate

Los Altos is being transformed by the investments made by Passerelle Investment Co., the real estate investment firm that Sergey Brin has supported, according to the Wall Street Journal:

The firm, Passerelle Investment Co., also has helped keep some existing mom-and-pop shops in place—sometimes by charging them below-market rents, say local store owners and a person briefed on the firm’s activities.

Passerelle, which is a French word for “footbridge,” has paid tens of millions of dollars to snap up at least a half-dozen commercial buildings in the past three years, according to public records and local real-estate agents. So far, the firm has brought in businesses that cater to families, such as a children’s bookstore, a children’s “playspace” and a cafe called Bumble that has a supervised children’s play area and sandbox.

Mr. Lucas, who is a resident of San Anselmo up in Marin County, is donating a commercial building he owns in downtown to the local chamber of commerce. The small building is in a prime location, next to the town hall and library and used to house a couple of businesses. One closed due to poor business and the other moved down the street. Future plans call for the demolition of the building to make way for a public park, according to the Marin IJ:

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Filmmaker George Lucas George Lucas has donated a building in downtown San Anselmo that will make way for a local park.(Chip Somodevilla/Getty)

Lucas made the donation after [San Anselmo Chamber of Commerce president Connie] Rodgers wrote him a letter earlier this month asking if he would be willing to donate the property to the chamber. Rodgers said the chamber is eager to see the park built before the America’s Cup in September 2013, so it can serve as a focal point for out-of-town visitors.

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The building George Lucas is donating in downtown San Anselmo (Google Maps)

Of course, plans for the park include bronze statues of Indiana Jones and Yoda, as a tribute to the park’s star donor.